Greece will not be able to access markets in 2018, will need 4th bailout, says economist

Greece will not be able to access the markets in 2018 and this is why it will therefore need a fourth bailout program, economist and Senior Fellow at the Brussels-based think-tank Bruegel, Zslot Darvas said on Thursday, during a speech at the “Thessaloniki Summit”.

“In 2018 Greece will not be able to access the markets and this is why it will need a fourth program of economic aid. But this doesn’t mean I espouse that,” he said, adding that the rise in the country’s GDP will mean the loan will be small.

“I’m more optimistic about Greece’s immediate future,” Darvas said, noting that Greece made huge efforts in implementing reforms, with 80-90 percent of those having been implemented.

Commenting on Greek debt, he said it is not good that about 80 percent is in the hands of official creditors, which constitutes a significant hurdle in attracting foreign investments in Greece. He also said that the possibility of debt relief is directly related to the German elections.